By now you may be aware that this new Act is coming into force on 30 November 2020.
LOTA was developed to assist in identifying who owns land in BC. This includes direct and indirect ownership through trusts and other ownership structures. Once in operation, individuals whom own land directly or indirectly hold beneficial interests in BC land will have to disclose prescribed information such as name, place of residence, SIN, tax residency.
It is expected that existing land owners and reporting bodies will need to file a transparency report within one year from the date the Act comes into force. Failure to report can result in significant penalties. If you are the ultimate beneficial owner of a property through a reporting body and are unsure on your reporting obligations, you should contact us to discuss the steps to take.